Summary

After inventory counts have been imported or the worksheets completed you can process and commit the batch.

In order to process physical inventory you will need to have a Shrinkage and Overage Category type set up. Category codes are set up in the Category Maintenance window (IC> Maintenance> Category).

Step by Step

1     Record the Physical Inventory.

• After you have done the physical inventory count you can enter your count information.
• Open the Record Inventory window (IC> Physical Inventory> Record Inventory).
• The Record Counts window will display all the inventory counts that have been imported or all of the inventory items in the inventory location selected in the Generate Worksheets step.

2     Input the quantity counted.

• If you did not import the inventory counts you will have to input the quantity counts into the Counted column. To input a count, click in the column and enter the quantity counted. This will populate the Quantity Change and Action columns.
• Click the header row for any column to sort the data grid by that column. This can be helpful for agencies that enter inventory counts by aisle, shelf, or bin locations.
• Click RESET SELECTED COUNT to remove the value in the Counted column for the selected item.
• If you have not entered a count for an item the Counted column will remain blank. Uncounted inventory items will display in the Uncounted Items report.
• If there is an inventory item overage, the overage will create a receipt transaction for the amount of the overage. This will generate the journal entry set up in the Overage category type and increase the inventory item count. You will not be able to commit this batch until you have created a category type labeled Overage.
  • The inventory item unit cost on the overage receipt will be the unit price of the last receipt, not the average cost.
• If there is inventory item shrinkage, the shrinkage will create an issue transaction for the amount of the shrinkage. This will generate the journal entry set up in the Shrinkage category type and decrease the inventory item count. You will not be able to commit this batch until you have created a category type labeled Shrinkage.
  • The inventory item unit cost on the shrinkage issue will be costed like any other issue transaction.
• Click the Submit button when complete. This process can take an extended period of time because it is updating every inventory item in the batch.

3     Print the Counted Items Report.

• Open the Print Counted Items window (IC> Physical Inventory> Counted Items).
• Enter a value in the Quantity Change Exceeds field.
  • When used with the Exclude Items Within Quantity Range toggle below, this field will allow you to limit the items included in the report to just those with significant changes to inventory totals.
• Check the Page Break By Location toggle to start a new page for each inventory location.
• The Counted Items Report displays the Item Number, Description, associated Warnings, number On Hand, number Counted, and Quantity Change.
• Once the required report settings have been specified, click the Print button   to print your report.
• Click the options arrow on the right side of the Print button to see other print options.
  • Select PDF to print the report in the default Springbrook format.
  • Select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
• Click the Schedule icon next to the Print button in order to schedule the report to generate at a later date and time.
  • Enter a Date and Time to generate the report and click SUBMIT.

4     Print the Uncounted Items Report.

• Open the Print Uncounted Items window (IC> Physical Inventory> Uncounted Report).
• The Uncounted Items report will print a list of all items selected in the inventory worksheet that were not input into the Record Inventory step and added to the batch. You can use the Uncounted report to verify that all the items you expected to be counted in your physical inventory were counted.
• If you imported the inventory counts there will be no inventory items in the report.
• Check the Page Break By Location toggle to start a new page for each inventory location.
• The fields displayed on the Uncounted Items report are Item Number, Item Description and number On Hand.
• Once the required report settings have been specified, click the Print button   to print your report.
• Click the options arrow on the right side of the Print button to see other print options.
  • Select PDF to print the report in the default Springbrook format.
  • Select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
• Click the Schedule icon next to the Print button in order to schedule the report to generate at a later date and time.
  • Enter a Date and Time to generate the report and click SUBMIT.

5     Generate the Inventory Transactions.

• Open the Generate Transactions Confirmation window (IC> Physical Inventory> Generate Transactions).
• The Generate Transactions step generates the adjusting transactions for any items where the physical count does not equal the calculated on hand quantity.
• Click the Continue button to generate the transactions.

6     Calculate the inventory transaction values.

• Open the Calculate Values window (IC> Physical Inventory> Calculate Values).
• The Calculate Values step will generate the new inventory values that will result from committing the batch.
• Click the Submit button to calculate the transaction values.
  • Click the Schedule button to schedule the calculate process at a later time.
  • You will be notified of errors resulting from the calculation process and prompted to open detailed error messages in the jobs viewer.

7     Print the Proof List.

• Open the Print Proof List window (IC> Physical Inventory> Proof List).
• The Sort Order drop-down menu is read-only as the report must be sorted by Item Number.
• The fields displayed on this report are Inventory Item, Item Description, Location, Action, Category Code, Transaction Description, Transaction Date and Time, Change in Quantity, and Change in Value. A Transaction Total and a Report Total will also be included.
• If there are transactions in batches that will affect the inventory items in the current batch an information window will open.
• Once the required report settings have been specified, click the Print button to print your report.
• Click the options arrow on the right side of the Print button to see other print options.
  • Select PDF to print the report in the default Springbrook format.
  • Select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
• Click the Schedule icon next to the Print button in order to schedule the report to generate at a later date and time.
  • Enter a Date and Time to generate the report and click SUBMIT.

8     Print the GL Distribution Report.

• Open the GL Distribution Report window (IC> Physical Inventory> GL Distribution).
• Enter the transaction date you want to appear in the General Ledger for this batch in the Journal Entry Date field. This date will determine the fiscal period in which the invoices are recorded.
  • The Fiscal Period and Fiscal Year fields will populate based on the Journal Entry date selected.
• Select the Report Type from the drop-down menu.
  • The Summary report displays the Account Number, Description, Net, and Report Total.
  • The Detail report provides all of the information in the Summary report and also displays the Debits and Credits associated with each of the accounts.
• Check the Subtotal by Dept toggle to include department subtotals on the report.
• Check the Pooled Cash toggle to automatically generate From/To fund transfer transactions for all GL distributions outside the originating fund based on configured IC Transfer Accounts.
• Once the required report settings have been specified, click the Print button   to print your report.
• Click the options arrow on the right side of the Print button to see other print options.
  • Select PDF to print the report in the default Springbrook format.
  • Select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
• Click the Schedule icon next to the Print button in order to schedule the report to generate at a later date and time.
  • Enter a Date and Time to generate the report and click SUBMIT.

9     Commit the Physical Inventory.

• Open the Commit Transaction window (IC> Physical Inventory> Commit).
• Click the Continue button or press ENTER to commit the batch.  
  • If you click the Cancel button, you can still commit the batch via the Commit button  .
• The Physical Inventory batch is now complete. The inventory transactions generated by overage and shrinkage counts will be displayed as Physical Inventory Adjustments on the Item Maintenance window (IC> Maintenance> Item> Quantity and Value tab> Action column).